Reported 12 months ago
Oil prices are rising due to Hurricane Beryl developing into a Category 5 storm, moving towards the Gulf of Mexico, alongside escalating tensions in the Middle East. The weather agencies forecast an active hurricane season, with a potential disruption in the Gulf region, impacting US refining capacity and global oil production. Expert insight discusses how Mexico's Gulf oil production can be replaced by OPEC and the potential for oil prices to reach $90 amidst geopolitical and climate-related risks.
Source: YAHOO